This article first appeared in The Edge Financial Daily on June 19, 2019

KUALA LUMPUR: Serba Dinamik Holdings Bhd said its wholly-owned subsidiaries had secured several contracts.

Serba Dinamik International Ltd won a three-year operations and maintenance (O&M) contract from Pavilion Qatar Engineering Co WLL worth US$60 million (RM250.62 million), the group said in a filing with Bursa Malaysia.

The contract, commencing  on May 20, has a one-year extension option.

Meanwhile, the group said Serba Dinamik Sdn Bhd (SDSB) had secured five O&M contracts from Petronas Chemicals Fertiliser Sabah Sdn Bhd, Malaysian Refining Company Sdn Bhd, Malaysia LNG Sdn Bhd, Kebabangan Petroleum Operating Company Sdn Bhd and PC Myanmar (Hong Kong) Ltd.

These O&M contracts have no specific values as the contracts are on a “call-out” basis whereby the work orders will be awarded at the clients’ discretion based on their activity schedules and rates throughout the contracts’ duration.

SDSB also won an engineering, procurement, construction and commissioning contract from Petroliam Nasional Bhd (Petronas).

Serba Dinamik said the seven contracts secured are expected to contribute positively to the group’s earnings for the financial year ending Dec 31, 2019.

“The company’s board of directors opined that the above contracts secured are in the ordinary course of business and in the company’s best interest,” said Serba Dinamik.

Serba Dinamik shares closed one sen or 0.25% lower at RM4.04 yesterday, with a market capitalisation of RM5.93 billion.